If you’ve been refused a CBILS from your bank, this could be your next move

If you’ve been refused a CBILS from your bank, this could be your next move

For those of you who have spoken to me directly, I have made no secret of the disgrace that I believe the UK banking industry’s support has been to our small and medium-sized businesses, the backbone of the UK PLC.

They are already 80% guaranteed and then cover the remainder with the first year’s interest payments made by the Government of between 20% and 30%. So it costs them nothing, yet still, we are 16 times behind the same scheme offered in France. 

At last, the first challenger bank has now officially launched its CBILS offering, Funding Circle. Fluidly is one of Funding Circle’s partners…Their software has always been able to instantly tell you what funding is available to you from lenders, and last week the first challenger bank lender to offer CBILS loans has been added to that Fluidly function.

If you have been refused a CBILS from your existing bank, this could be your next port of call. Here are the basics – 

Funding Circle CBILS 

  • The government pays clients interests and covers the arrangement fees. 
  • Borrowers get 12-month repayment holiday – not mandatory for CBILS lenders
  • Fluidly is part of a smaller broker group to launch CBILS offer
  • All loans will have an APR below 9%
  • No personal guarantee required
  • Aiming for fast decision – 24hr target
  • Borrow between £10,000-£250,000 over 2-5 years

Quality Criteria

  • UK based company adversely affected by Covid-19
  • Turnover less than 45M 
  • 3 years of trading history
  • Mainly UK trading and activity 
  • The loan is for business purpose
  • Loan primarily for trading in the UK
  • Only lending for two reasons – working capital needs or expansion for growth

Fluidly Application Requirements 

  • Fluidly CBILS eligibility check
  • + six-months bank statements
  • + two years financial statements.

You do not have to apply via Fluidly, you can apply directly yourself. Fluidly simply speeds up the process for you and makes it a lot easier as they do all the work.

If you would like any further help, please get in touch